Russ Mould, investment director at brokers AJ Bell said: “In aggregate, 2023 was a good year for the banks. There were no major scandals to force compensation payments. Net interest margins rose, at least in the early stages of the year, after a series of interest rate increases from central banks. The long-feared recession failed to arrive, so there was no major increase in bad loans provision. And the lenders continued to focus on costs.